​Kennedy Jr. proposes eliminating taxes on BTC

What’s new? Lawyer and member of the Democratic Party of the United States Robert Francis Kennedy Jr. said that if elected to the presidency intends to stabilize the dollar with the help of bitcoin, as well as to eliminate the capital gains tax on the conversion of the first cryptocurrency to dollars. According to the politician, the backing of national currency and US debt obligations with hard assets will help to “restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.” Repealing the tax would, in turn, encourage innovation.

Kennedy’s speech

What else is known? Speaking at a Heal-the-Divide PAC event, Kennedy said he intended “to start very, very small.” For example, initially, 1% of Treasury bills will be backed by gold, silver, platinum, or BTC, and depending on the results, the proportion will increase each year.

He also noted the benefits of eliminating the capital gains tax for BTC, among them stimulating innovation and investment, as well as ensuring citizen privacy. The politician said this approach would encourage venture capital firms to grow their businesses and create jobs in the United States “rather than in Singapore, Switzerland, Germany and Portugal.”

“Non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives,” Kennedy emphasized.

Thus, in April, the politician said that the launch of the digital dollar would lead the country into “financial slavery and political tyranny” because the central bank would have the ability to monitor transactions and control how the digital dollar is used.

In the new speech, Kennedy also reiterated a number of commitments he made during the world’s largest bitcoin conference in Miami, including “defending the right of self custody of bitcoin,” “the right to run a node at home” and “industry-neutral regulation of energy.”

He noted that “bitcoin is not a security and should not be regulated as one” and emphasized his desire to “put an end to the current policies of the Biden administration” regarding digital assets.

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Reflecting on the broader implications of such a policy, Kennedy referred to the financial circumstances in which the states currently find themselves.

The steady 6,5% increase in the national debt over the past decade has forced the nation’s top leaders to think about a forward-looking and comprehensive budget strategy. Against this backdrop, Kennedy’s proposal for the Treasury to purchase assets such as bitcoin and precious metals is an approach designed to provide insurance against the growing national debt.

Kennedy Jr. is the nephew of the 35th President of the United States, John F. Kennedy, and is also a contender in the 2024 presidential election from the Democratic Party.

In a June 30 financial disclosure report, Kennedy listed a brokerage account that held BTC worth between $100 001 and $250 000. At the same time, the politician previously said that he does not invest in the first cryptocurrency.

In May, he criticized the actions of regulators in the crypto sector, saying that the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) “have no authority to wage an extra-legal war on crypto.”